It may appear impossible to locate a payment processing provider that will accept your business if it is considered high-risk.
The harsh reality is that finding high-risk merchant solutions for your company is dangerous, but not as difficult as it appears.
The most important thing is to take efforts to improve your chances before you start, such as partnering with a company that specializes in high-risk payment processing.
Whether you accept credit cards online or through a credit card machine, these ideas may assist you in obtaining a merchant account and lowering your overall expenditures.
The ability of a merchant to receive a transaction payment through a secure channel is referred to as merchant processing.
01. Tell it how it is with the processor
When applying for merchant services, avoid making the mistake of lying or misrepresenting your firm. The credit card processing business will find out anyhow if you do not completely declare the products or services you provide.
Your merchant account will most likely be shut off without warning, causing significant disruption to your business and money flow. It is entirely possible to qualify for merchant account solutions if you are honest from the beginning and choose a reputable payment processing business.
Remember that having a high-risk merchant account isn’t a bad thing; it simply implies that the payment processor is aware of the risks associated with your business and is prepared to deal with specific difficulties like higher-than-average chargeback’s.
02. Describe your previous experiences.
When applying for a new merchant account, if you have previously had a merchant account, including your past processing history, the payment processing business will be able to examine your past and make an informed decision based on this information. Even if you’ve previously been rejected service or removed from an aggregate, you can still locate a payment processor who will work with you and your unique requirements.
03. After that, re-negotiate
Because you don’t have any history, your company will most likely have a more restrictive account with higher terms. Once you’ve gathered enough information to examine, you can renegotiate your reserves, rates, and other terms with your processor in a matter of months.
4. Managing Chargeback’s is number four on the list of things to do.
One of the most typical reasons that a high-risk merchant’s account is canceled is because of a high chargeback percentage. The good news is that you can take numerous steps to prevent chargeback’s and deal with them before they become a problem. You can minimize your chargeback ratio by doing the following:
Clearly state your return policy on your website and in receipts. If a customer is dissatisfied, make sure they contact you instead of their credit card company. A clear refund policy might also aid you in resolving erroneous claims.
Look for red signals that could suggest that you’re dealing with a con artist. You’ll need papers that a hacker or thief is unlikely to have, such as the card’s CVV number and oral confirmation that the billing address matches the card issuer’s contact information.
To keep track of chargeback’s, use a chargeback alarm system. Before the chargeback is initiated, you’ll have three days to issue a full refund.
To ensure that the consumer is satisfied, send follow-up emails or a confirmation phone call following the sale.
5. Pick a Payment Processor That Is Right for You
Today, high-risk merchants have a variety of options, but they are not all created equal. Just because your company isn’t considered secure doesn’t mean you can’t get great customer service and payment processing.
Choose a company that handles PCI compliance without cancellation fees or long-term obligations, such as core financial processing. A good processor will ensure that your markup rate does not increase in the future.
Core financial processing understands the value of card processing to your company’s success. We provide top-rated high-risk merchant account services and payment processing solutions to help your business thrive and expand, regardless of the type of business you operate, your volume, or your past credit history.